The 2019 Iowa legislative session proved to be a successful one in prompting effective technological advancement for Iowans. One successful highlight for Iowa credit unions was the signing of the E-Notary bill, SF-475, which will now allow Iowa businesses to facilitate notarization of documents remotely. The new law will go into effect July 1, 2020.
The Iowa Credit Union League (ICUL) was proud to support this bill, which became a discussion item for Iowa credit unions following the 2017 Iowa Credit Union Convention. During the annual event, the Iowa Innovation Group (IIG), a group of select credit union leaders participating in research of innovative solutions for credit unions fueled by Filene Research Institute’s innovation methodology, presented the concept of remote notarization to attendees.
The IIG team that presented the concept in 2017 was led by Cathy Davis, a credit union leader with nearly two decades of credit union service. “In my role at the credit union, I saw the need to offer this type of notary service alternative for our members,” said Davis. “I had heard of another state offering this and wanted to find a way to bring it to Iowa. The response our group received from the Iowa Credit Union Convention confirmed this concept was a good idea and something worth seeing through.”
Challenges in notary services have been common in the financial services industry, real estate industry and other industries where notarized signatures are commonly required. Access to notaries can be challenging for consumers with travel limitations and those in rural areas. This year, a coalition of interested parties, including ICUL, LenderClose, the Iowa Association of Realtors and the Iowa Association of Business and Industry, worked together to lobby Iowa lawmakers and bring urgency to this innovative bill.
“This has been a tremendous experience to be involved in the creation and passing of a bill,” said Davis. “I don’t think I would have pursued this without the help and encouragement that I received from the IIG program, and the privilege of presenting this to all of our great credit unions.”
The Iowa Innovation Group is an ongoing program underwritten and sponsored by the Iowa Credit Union League in partnership with Filene Research Institute. Annually, 16 credit union leaders are selected from a field of applicants for an opportunity to learn methodology relating to innovation and generate concepts to present to the larger Iowa credit union membership.
“I would like to commend Cathy Davis and the ICUL lobbying team for their efforts in seeing this innovative concept through to fruition,” said Andrea Dose, Director of Member Services for ICUL. “2019 proved to be a tipping point where practical need, technology and bipartisan support intersected to create effective change. Positive change and expanded access to credit union products and services is why ICUL continues to invest in the IIG program and in promoting innovation in our industry.”
“When passionate, innovation-minded credit union leaders collaborate to solve real problems faced by their members and communities, there is no end to what is possible,” said Mark Meyer, CEO of Filene Research Institute. “Innovations and ideas that emerge from and are pursued by groups like the IIG continue to have lasting impact by saving consumers millions of dollars, bringing new efficiencies to credit unions and even changing laws.”